Q Talk

[They CallMe MRWILKES]

For those who might have an interest in the status of the Chapter 11 proceedings:

Yesterday the formal tabulation of creditor votes was presented to the Bankruptcy Court.  Since this was a pre-packaged plan, as you would expect the three classes of claim holders entitled to vote overwhelmingly approved the QVC Group reorganization plan.

Hearings on final confirmation will be held June 4th through June 9th if necessary. 

The primary wrench in the plan are the Preferred Shareholders,  who have petitioned the Court to allow them to present an alternative plan.  Preferred Shares become worthless under the QVC Group plan, but they are demanding some recovery.

They propose unlocking some value from the Cornerstone Brands for their recovery, likely through a sale or spinoff. 

We shall see, but I still think this will be concluded soon.

Rapid confirmation is important,  since upon plan confirmation, the new equity owners can then appoint an entirely new Board of Directors and the future of the enterprise and potentially new management, whatever that may be, can begin.

[Estellee]

Appreciate the update @They CallMe MRWILKES 

[RescueLover]

GREAT NEWS that the show will GO ON !! 🛍️🛍️🛍️


Hoping these businessmen are VERY Successful and start making a profit !!!
….



Also hoping and praying they don’t hold on to it for 6 months, shut it down, then write it off as a MAjOR business loss for tax purposes !! 😩

[Shanus]

@They CallMe MRWILKES   Hasn't Q had financial troubles several times before?

[RescueLover]

@Shanus 🌸


This is the first time in The Q’s history that they filed Chapter 11 though.

[stevieb]

One would have to wonder how, if the current board and management aren't ousted, any real recovery could occur and how long any marginal recovery might last. An entirely revamped operation is sorely indicated and has been for some time.

[They CallMe MRWILKES]

I imagine that the new investors have something in mind.  I don't know what it is, but it's certainly not the old, existing QVC business model of host-o-centric television broadcasting. 

A new Board of their choice can install a new CEO and top division heads quickly.

I would not want to be an employee there right now.  Something drastic is surely bound to happen. 

[Estellee]

Must be pretty stressful for everyone involved.

[Franklinbell]

@They CallMe MRWILKES I agree!  I think a major change is coming!  It will be interesting to see what happens!

[RescueLover]

Yes if any of You watched Mally’s show the other night she spoke about being sick and tired of all the stress and anxiety that everyone is dealing with.

All while encouraging customers to buy her denim jacket to bring Joy and Happiness into their lives.